Empire Commons Student Housing Inc
- Assets
- $48.5m
- Revenue
- $16.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Albany, NY
- Founding
- 08/2001
- Data as of
- 06/2023
- EIN
- 14-1832659
Organization Overview
Empire Commons Student Housing Inc is located in Albany, NY. The organization was established in 2001. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Empire Commons Student Housing Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Empire Commons Student Housing Inc generated $16.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.9% each year. All expenses for the organization totaled $12.4m during the year ending 06/2023. While expenses have increased by 1.6% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO CONSTRUCT AND OPERATE DORMITORY FACILITIES TO BE OCCUPIED BY STUDENTS ATTENDING THE STATE UNIVERSITY OF NEW YORK AT ALBANY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION OF DORMITORY FACILITIES AT STATE UNIVERSITY OF NEW YORK AT ALBANY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bruce Szelest President | OfficerTrustee | 0.5 | $0 |
Claudia Hernandez Secretary | OfficerTrustee | 0.5 | $0 |
Christopher Kennedy Vice-President | OfficerTrustee | 0.5 | $0 |
Gerard Marino Executive Director | Officer | 5 | $0 |
Kevin Wilcox Exec Dir (to Apr 2022) | Officer | 5 | $0 |
Michael Christakis Associate Exec Director | Officer | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
University At Albany Management Services | 6/29/23 | $4,011,133 |
Aow Associates Inc Kitchen Renovations | 6/29/23 | $1,884,066 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $15,967,835 |
| Investment income | $513,324 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $16,481,159 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $18,194 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $28,617 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $705,374 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,167,387 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,921,798 |
| Insurance | $403,670 |
| All other expenses | $1,603,591 |
| Total functional expenses | $12,430,922 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $412,166 |
| Savings and temporary cash investments | $21,524,431 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $685,641 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $25,847,173 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $48,469,411 |
| Accounts payable and accrued expenses | $1,635,664 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $27,309,785 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $28,945,449 |
| Net assets without donor restrictions | $19,523,962 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $48,469,411 |